Income splitting is the process of shifting income within a family to take advantage of the lower tax brackets, deductions and credits available to each family member. Anti-avoidance legislation was…
Capital Gain Reserve Carry Forward If you have a capital gain, there may be an option to defer or reduce the capital gain tax. In some instances, all of the…
Deducting Private Health Insurance Payments Under ITA S20.01, you can deduct premiums paid to a private health services plan (PHSP) from self-employment income if you meet the following conditions; …
According to the Canada Revenue Agency you are a non-resident for tax purposes if you: - normally, customarily, or routinely live in another country and are not considered a resident of…
There could be some tax consequences for Canadians who travel US frequently. Read the attached article published by CGA association to explain how IRS calculates the days present in US…
One of the main reasons for a small business failure is lack of planning of cash. A good forecasting mechanism increases business success chance and minimizes the failure risk. Small…
In simple terms, benchmarking is a tool to compare business performance against the industry. It is one of the ways to judge what the best practices are and how you…
When tax planning for your next tax return, you may want to keep in mind whether to earn income through salary or dividends. The owner or manager must determine the…
Small Business Deduction Owning a small business entitles you a Small Business Deduction on your active business income (ABI), reducing the amount of tax that your business might otherwise have…